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Proactive Mining Highlights: Metal Tiger, Rockfire Resources, Bacanora Lithium, Hummingbid Resources

This week the mining sector brought news of resource upgrades, new estimates, and the start of new drilling
Mining trucks
Metal Tiger boosted the copper resource at its T3 project to 60mln tonnes grading 0.98% copper

Metal Tiger PLC (LON:MTR) this week announced a boost to the copper resource at itsT3 project in Botswana to 60mln tonnes grading 0.98% copper and 14 grams per tonne silver to give a contained total of 590,000 tonnes of copper and 27mln ounces of silver.

Additionally, 46% of the upgraded resource is now classified in the indicated category.

Meanwhile, Rockfire Resources Plc (LON:ROCK) revealed an estimate based on historical data from its Copperhead project in northern Queensland, Australia.

The AIM-listed miner said an appraisal of past exploration at Copperhead had revealed an estimate of copper content of 35mln tonnes at 0.16% Cu for 56,000 tonnes of copper according to calculations from the Carpentaria Exploration Company in 1972.

However, the company said that this estimate was historical and had been calculated before the introduction of the JORC code, but added that subsequent core sampling in 1988 had raised the average core grade to 0.25% Cu.

Elsewhere, Bacanora Lithium Ltd (LON:BCN) agreed a US$150mln loan for the construction of the first phase of the mine at Sonora in Mexico.

RK Mine Finance is putting up the money, which will cover a sizeable chunk of the cost of an initial 17,500tpa lithium carbonate operation.

A feasibility study estimated the capital cost for this first phase operation at US$420mln.

In other news, Hummingbird Resources PLC (LON:HUM) started the exploration drilling campaign on its mining permit in Mali.

In a statement, the AIM-listed company said that the new drilling is targeting conversion of resources to reserves, extending the life of the Yanfolila gold mine.

It added that four rigs are on site and will be drilling over 50,000 metres across six existing deposits on the mining permit.

Connemara Mining Company PLC (LON:CON) announced the commencement of a new drill programme at the Oldcastle Zinc project located in the counties of Cavan and Meath in Ireland.

The AIM-listed firm said the costs of the drilling programme will be borne by joint venture partner and operator Teck Ireland Ltd, which has the option to increase its interest in the project to 75% from 65%.

Connemara said recent work by Teck indicates the presence of a hydrothermal system and basin bounding fault. The company added that approximately 1,800 metres of drilling has been planned over two to three holes.

In other Irish news, Erris Resources plc (LON:ERIS) revealed positive results from exploration drilling at the Abbeytown metals deposit in County Sligo.

Specifically, one hole encountered high grade zinc, lead and silver mineralisation.

Highlight grades included up to 10.85% combined zinc and lead across a 4 metres interval, whilst the best silver grade was measured at 54.4 grams per tonne across 3.5 metres.


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